Looking at the daily timeframe, we can see overbought values between 2025 and 2075. Add in the Money Flow Index indicator and you can see the overbought values. (Sorry, I’m still on basic plan. Couldn’t add more indicators)
After the profit taking sessions, we can see a downward trend where it found support at the EMA 100.
Bouncing upward from the EMA 100, we...
Shorting the retracement of the recent bear in gold last week.
Looking at H4, we are trading at the area of supply and demand; with massive buying and selling due to profit taking and uncertainty of the direction for gold.
Most have taken profit from the steep uptrend.
Over this week we should be able to see a clearer direction of the market.
For us, we are...
Looking at the cross over below 20EMA in H4.
This indicates potential short term sell which coincides with the large volume traded in the long candle pushing the price downward.
Next level of support, we are looking at 50EMA in H4 as well as the support level of previous strong resistance at 1980 level.
